Why Filipinos are Looking for Second Homes - 1024 by 400

Residential

One of the curious findings of Santos Knight Frank’s Global Buyer Survey for the Philippines was the high level of interest of local buyers on secondary homes during the pandemic. 41% of the respondents, which were composed of high-income buyers, said they were planning to buy second homes, a proportion higher than the average in Asia (27%) and the world (33%). Buyers also see the home as more than just an investment but as a private destination and an accessible place of rest.

“The adage of ‘location, location, location’ has taken a new meaning after the pandemic experience. While people want to be within reach of convenience, there now also seems to be a greater desire for locating near places of leisure, nature, beach, and mountains,” explains Marievie Gimena, Associate Director for Residential Services at Santos Knight Frank.

This demand explains the spike in inquiries for properties in Batangas, Baguio, La Union, Siargao, and destination places where buyers can leverage on the flexibility of work and enjoy leisure time without the need to travel in between places.

 

Changing preferences

The Global Buyer Survey unveils more trends. In the Philippines, 85% of local respondents said that they moved houses ever since the pandemic, primarily driven by the need for outdoor space (33%), downsizing (17%), and better amenities (17%). Travel restrictions have also affected buying decisions where one in four said that their decision to move was delayed due to the restrictions, while 28% said these restrictions have influenced the location of the home they want to purchase.

The pandemic has changed not just the general demand but also the preferences of properties buyers would like to live in. One in every three local respondents said that they are more likely to move to a detached home or villa, while there is still a growing interest in residences on a waterfront (23%) — in line with the growing interest in living in the suburbs.

Functional properties are also important such as homes with high-speed broadband (13%) and a home office/study (10%), outdoor spaces (10%), and wellness and well-being amenities (10%) have been identified. As for location features, there has been growing importance to inhabiting green spaces (17%), having good air quality (17%), and good access to healthcare (16%) — all pointing to the prioritization of quality of living.

There has also been a growing interest in locating next to health and wellness location features such as having more green space, good air quality, and good views, while convenience-based factors have decreased preferentially. With the expectation that hybrid work will continue in the post-pandemic world, the features of having a home within walking distinct to work and transportation hubs and in close proximity to commercial establishments like restaurants, gyms, and malls, have lessened in priority.

 

Buy your next home with Santos Knight Frank

The demand for homes remains but it is one that is continuously evolving because of the pandemic. Buyers can find their ideal property with the help of the renowned real estate services agency Santos Knight Frank. Santos Knight Frank offers real estate services from brokerage, advisory, appraisal, property management, and many more, just visit https://santosknightfrank.com/.

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About Santos Knight Frank

Santos Knight Frank provides global real estate services. Since the company first opened its doors in 1994, it has become the Philippines’ first and largest fully integrated real estate services provider, with clients that include multinational corporations and institutional investors, as well as occupiers, owners and developers of real estate locally and across the globe.

The company’s partner, Knight Frank, is the largest independent global real estate consultancy. Founded in 1896 and headquartered in London, Knight Frank operates in more than 523 offices in 60 countries across the globe, including the strategically important partnership with Newmark Knight Frank in the U.S. (with Newmark Cornish & Carey in the West Coast).